September 2024 Real Estate Review - NYC Edition
Welcome to the September 2024?Real Estate Review - NYC Edition!
I hope you find it useful, and encourage you to share it with anyone who may find it interesting.
As you probably know, the Fed finally?cut rates by 50 basis points, in?what was announced as the beginning of an expected cycle of interest rate easing. Bond and stock traders met this news with mixed results, with some believing it was a sign of?a weakening economy and others excited that inflation is coming under control, and that the Fed has, in fact, engineered the so called "soft landing."
Once this news is fully digested by the markets, I do expect we will see mortgage rates decline?and the carrying costs of home ownership reduced. This is welcome news for buyers and sellers, as the market has been somewhat paralyzed for the past few years, with many people unable to make the moves they wanted to because of prohibitively high borrowing costs.?
As always, if you would like to discuss this, or anything in this newsletter further, please feel free to reach out directly.
Regards,
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Newly signed contracts surged year-over-year for the second time.
They expanded at a higher rate than new listings.
While new signed contracts above the $4 million threshold jumped annually, their new listings fell sharply.
CONDOS led all apartment types with the highest annual gain in new signed contracts.
August 2024 Year-Over-Year Highlights
COOPS
CONDOS
1-3 Family Homes (Townhouses)
Newly signed contracts surged year-over-year for the second time.
They expanded at a higher rate than new listings.
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New signed contracts and new listings above the $2 million threshold jumped annually.
1-3 families led all property types with the highest annual gain in new signed contracts.
August 2024 Year-Over-Year Highlights
COOPS
CONDOS
1-3 Family Matrix
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August 2024?Manhattan, Brooklyn & Queens Rentals
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Median rent slid annually in?Manhattan?for the third time in 4?months as new lease signings surged annually for the fifth time as listing inventory more than doubled. The average square feet of a rented apartment slid annually for the twelfth time. Median rent of non-doorman apartments rose annually but fell for doorman apartments. New lease signings for existing apartments rose annually at 3X the rate of new development. Luxury median rental price has declined year-over-year for an entire year. Luxury listing inventory continued to rise annually but at a lower rate than the remainder of the market.
New lease signings in?Brooklyn?surged to a new high for the second time. Median rent slipped year-over-year for the second time as listing inventory rose for the seventh time. The average days on market was the second fastest on record.?
New lease signings in?Northwest Queens?surged year-over-year to the second-highest on record. Median rent slipped year-over-year but was still the third highest on record. New lease signings increased annually for the eleventh time to its second-highest level on record as listing inventory increased year-over-year for the seventh time.
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